Olayemi Cardoso, governor of the Central Bank of Nigeria, has said that in 2025, the apex regulator plans to consolidate the progress it has made in reforming the foreign exchange market, remittances, diaspora participation, and other areas.
Cardoso made this claim on Thursday in a statement uploaded on his X handle, which was reshared on the Central Bank of Nigeria’s official X handle, @cenbank.
The Electronic Foreign Exchange Matching System, which was introduced last year as part of the CBN’s several attempts to stabilize the naira, has increased market transparency.
In order to encourage diaspora remittances through formal channels, the CBN has also given approval in principle to 14 new international money transfer companies.
On Thursday, Cardoso said,
The regulator’s announcement in March 2024 of the banking sector’s recapitalization was motivated by the desire to help President Bola Tinubu’s $1 trillion economic ambition.
Meanwhile, in the third quarter of 2024, a notable decrease in invisible transactions caused a decline in foreign exchange demand.
This was mentioned in the Central Bank of Nigeria’s most recent Quarterly Statistical Bulletin, which was posted online.
Medical costs, school fees, student maintenance allowances, and other eligible non-physical transactions are examples of invisible transactions.
TimesNow.com.ng reported that Nigeria’s external reserves grew in the past year but have declined sharply due to external debt servicing.
Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s external reserves fell by $320 million, a 0.8 decline in two weeks.
As of January 13, 2025, the reserves stood at about $40.56 billion, relative to $40.88 billion on January 2, 2025.
Source: TimesNow.com.ng
